471,127 Shares in Avidity Biosciences, Inc. $RNA Purchased by Westfield Capital Management Co. LP

Westfield Capital Management Co. LP bought a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) during the fourth quarter, HoldingsChannel reports. The fund bought 471,127 shares of the biotechnology company’s stock, valued at approximately $33,982,000.

A number of other institutional investors also recently bought and sold shares of the business. AlphaQuest LLC boosted its holdings in shares of Avidity Biosciences by 123.0% in the 3rd quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after acquiring an additional 331 shares during the last quarter. Allworth Financial LP raised its holdings in shares of Avidity Biosciences by 22.8% during the third quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock worth $37,000 after purchasing an additional 159 shares during the last quarter. Clearstead Advisors LLC purchased a new position in shares of Avidity Biosciences during the fourth quarter worth $72,000. Comerica Bank lifted its position in Avidity Biosciences by 75.9% during the third quarter. Comerica Bank now owns 1,335 shares of the biotechnology company’s stock valued at $58,000 after purchasing an additional 576 shares during the period. Finally, Farther Finance Advisors LLC lifted its position in Avidity Biosciences by 507.8% during the fourth quarter. Farther Finance Advisors LLC now owns 1,398 shares of the biotechnology company’s stock valued at $101,000 after purchasing an additional 1,168 shares during the period.

Wall Street Analyst Weigh In

RNA has been the topic of several analyst reports. Wells Fargo & Company assumed coverage on Avidity Biosciences in a research report on Wednesday, March 11th. They set an “overweight” rating on the stock. Leerink Partners began coverage on Avidity Biosciences in a report on Friday, May 15th. They issued an “outperform” rating for the company. HC Wainwright restated a “neutral” rating on shares of Avidity Biosciences in a research note on Friday, May 1st. Wall Street Zen raised Avidity Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, May 30th. Finally, Weiss Ratings cut Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a research report on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $69.42.

Avidity Biosciences Stock Performance

RNA opened at $11.80 on Friday. Avidity Biosciences, Inc. has a fifty-two week low of $11.77 and a fifty-two week high of $16.77. The company has a fifty day moving average of $13.23 and a two-hundred day moving average of $43.86. The stock has a market capitalization of $201.85 million, a price-to-earnings ratio of -2.37 and a beta of 0.93.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Thursday, May 14th. The biotechnology company reported ($0.97) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.05) by $0.08. Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%. The business had revenue of $19.64 million for the quarter, compared to analyst estimates of $2.00 million. On average, equities research analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

About Avidity Biosciences

Avidity Biosciences is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.

The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study.